Sto. Rosario Credit and Development Cooperative (SRCDC)

Article by Mhikaela Glaizha

Sto. Rosario Credit and Development Cooperative (SRCDC) has been serving the community of Sto. Rosario, Malolos City, Bulacan for the past 54 years. Founded in May 1969, SRCDC has grown from a small cooperative with an initial capital of P741 to a thriving organization with over 20,000 members and assets worth P400 million. Throughout its history, SRCDC has been dedicated to providing financial services and support to individuals from all walks of life, including fisherfolks, market vendors, professionals, farmers, students, laborers, self-employed individuals, businessmen, and overseas Filipino workers.

Sto. Rosario Credit and Development Cooperative Building

History

SRCDC was initially conceptualized by a group of men from Sabitan St., Sto.Rosario, Malolos City. With the guidance and support of San Dionisio Credit Cooperative in Paranaque, Rizal, Sabitan Cooperative A Credit Union was established. In 1975, the cooperative was officially registered as Sto. Rosario Cooperative, Inc. and later amended its name to Sto. Rosario Credit and Development Cooperative(SRCDC) in 2002 to reflect its expanded scope of services beyond lending.

Service Offered

SRCDC offers a range of credit facilities to its members, including regular loans, character loans, commodity loans, special loans, and housing loans. These loan options cater to the diverse financial needs of the members, allowing them to access funds for various purposes such as business expansion, education, healthcare, and housing. SRCDC ensures fair returns to its members by managing a fast turnover of funds and distributing income from its annual operations. Apart from credit services, SRCDC also focuses on improving its internal operations and enhancing efficiency. The cooperative has implemented a local area networking computerization program, installed photo scanners and signature verifiers, and is in the process of setting up online systems to connect its head office with its extension offices or branches. These technological advancements enable SRCDC to streamline its processes and provide better service.

Range of Service

SRCDC offers a wide range of services to cater to the diverse needs of its members. The majority of its services revolve around credit, with various types of loans available, including Regular, Special, Commodity, Character, Rice, LPG, Short-term Special, Memorial Lot Loan, Housing, and Lot Loan. Additionally, SRCDC generates income through office space rentals. In addition to financial services, SRCDC also provides minor services such as the Alalay sa Kalusugan Program, Abuluyan sa Koop, Scholarships, and Medical Services. The cooperative has also ventured into real estate development with the establishment of SRCDC Heights Subdivision.

Awards and Recognition

Throughout its journey, SRCDC has received numerous accolades and recognition for its outstanding contributions to the cooperative movement in the Philippines. In 1993, it was voted as one of the Most Outstanding Cooperatives in the country. SRCDC has also been honored as a Hall of Famer among cooperatives in Bulacan, further solidifying its reputation as a leader in the industry.

Business Hours and Contact Information

If you wish to reach out to SRCDC or visit their offices, the following information will be helpful:

Address: Sabitan St. Sto. Rosario, Malolos City

Telephone: +639209543876

Opening Hours:

Tuesday: 08:00-17:00

Wednesday: 08:00-17:00

Thursday: 08:00-17:00

Friday: 08:00-17:00

Saturday: 08:00-05:00

Community Development Initiatives

As a cooperative deeply committed to community development, SRCDC goes beyond financial services. The cooperative launches various projects aimed at uplifting member education, promoting health and wellness, and expanding livelihood activities. These initiatives contribute to the overall well-being and empowerment of the community, ensuring that members have access to opportunities for personal and economic growth.

Challenges in the Financial Services Industry

Like many financial services institutions, SRCDC faces challenges in the current economic landscape. The recent economic turmoil in Asian countries, including the Philippines, has impacted the financial services industry, leading to difficulties in operations and a rise in non-performing loans. Despite these challenges, SRCDC remains steadfast in its commitment to serving its members and adapting to the changing economic conditions.

Addressing Systemic Issues

SRCDC has garnered positive reviews for its work-life balance and productive work environment. However, there have been concerns raised about the poor work environment and minimum salary offered by the cooperative. SRCDC must address these systemic issues and prioritize the well-being of its employees by providing fair compensation and creating a supportive work environment. Additionally, the general manager's outdated policies and lack of innovation needs to be addressed to ensure the long-term success and relevance of the cooperative. Lastly, it is essential to mitigate the presence of politics on the board to foster a positive work environment and facilitate the progress of the cooperative.

Future Endevaours and Commitment

As SRCDC continues its journey, it remains committed to being a reliable partner in meeting the financial needs of its members. The cooperative aims to further expand its range of services and strengthen its presence in the community. With a rich history spanning 50 years, SRCDC looks forward to many more years of serving as "Tugon sa Pangangailan, Kabalikat sa Kaunlaran" (Response to Needs, Partner in Progress).

Sto. Rosario Credit and Development Cooperative has played a significant role in the economic development of Sto. Rosario, Malolos City, Bulacan, for the past 50 years. From its humble beginnings, SRCDC has grown into a reputable and award-winning cooperative, offering a range of financial services to support the diverse needs of its members. With its commitment to service and community development, SRCDC continues to be a trusted partner in the pursuit of progress and prosperity.

References

• Buendia, E. R. (1999). Sto. Rosario Credit Cooperative, Inc.. Retrieved from https://animorepository.dlsu.edu.ph/etd_masteral/2092

• Sto. Rosario Credit & Development Cooperative. (n.d.). VYMaps. https://vymaps.com/PH/Sto-Rosario-Credit-Development-Cooperative-296565970525778/

• Sto. Rosario Credit & Development Cooperative. (n.d.). Hey Companies. https://companies.heyplaces.ph/0487648/Sto._Rosario_Credit_&_Development_Cooperative

• Sto.Rosario Cooperative Members (SRCDC). (n.d.). Discussion [Facebook group]. Facebook. Retrieved November 2023 from https://www.facebook.com/groups/111904546344297/

• Sto. Rosario Credit and Development Cooperative. (n.d.). Yellow Pages.

https://www.yellowpages.net/phone-63-447910941-credit-union-Malolos-PHEN487959.html

Sto. Rosario Credit and Development Cooperative. (n.d.). srcdc. http://www.srcdc.com/?fbclid=IwAR2_oxckybqpqI82L8ZOD-bvNhNrPZ9UIXv5JG0PREITQ1v8v4cONGGxYTg